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Today’s Real Estate News 4-29-2011

29 Apr

I’d like to hear your thoughts: Is now a good time to buy a vacation home?  Let me know in the comment section below or on Facebook at http://on.fb.me/h13cWz

Today’s news that may be of interest to you:

Fannie, Freddie Align Servicing Guidelines for Delinquent Mortgages
HousingWire | April 28, 2011
The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac Thursday to align their guidelines for servicing delinquent mortgages. Previously, the government-sponsored enterprises maintained different requirements for how their mortgage servicers would treat these loans.

Precursor to Existing-Home Sales Heads Higher
DSNews | April 27, 2011
Pending sales of existing homes rose again in March, according to data released Thursday by the National Association of Realtors (NAR).

Banks Rush to Improve Foreclosure Practices
The Wall Street Journal | April 29, 2011
The clock is ticking for the biggest U.S. banks to revamp their foreclosure practices. Under orders from U.S. regulators, 14 financial institutions have until mid-June to lay out plans to clean up their mortgage-servicing operations – and another 60 days to make the changes.

Weighing Whether to Buy a Vacation Home
The Wall Street Journal | April 29, 2011
With an increasing range of options – from managed resorts in the Maldives to a self-owned bungalow in Bali – deciding what type of vacation home to own, and what investment risks to take, is becoming a more complicated process.

Economic Growth Slows to 1.8% in First Months of 2011
The Washington Post | April 28, 2011
The economy’s growth slowed at the start of the year, according to new data that show the recovery is so weak that it doesn’t take much to knock it off its stride.

HUD Drops Harsh Rule on Reverse Mortgages
The Chicago Tribune | April 28, 2011
The Department of Housing and Urban Development has thrown out a rule it put in effect in 2008 for reverse mortgages that was causing grief for some homeowners and heirs.

FBI Says ‘Spoofing’ Covered up Real Estate Scam
The Kansas City Star | April 28, 2011
At first, Rebecca Smith was relieved when she got a phone call from an FBI agent. It was October, just a few months after Smith had spent $30,000 on a real estate investment. The woman who sold her the deal, Karen Hanover, hadn’t come through on any of her promises, and Smith was worried.

From the National Association of Realtors®:

Pending Home Sales Rise Again in March
The Pending Home Sales Index increased more than 5 percent from February, and NAR Chief Economist Lawrence Yun predicts continued growth due to favorable affordability conditions and job creation.

Cheaper to Buy Than Rent? In Most Cities, ‘Yes’
In 78 percent of the largest cities, it makes more financial sense to buy a home than rent, according to a quarterly report from Trulia. Find out the 12 cities where the value of buying is the strongest.

Discounted Prices Chip Away High Inventories
A key step to the housing recovery is starting to occur, economists and real estate agents say.

Anthony Carollo 2007 EMAIL  

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Anthony V. Carollo / President
Stewart Title of Spokane
606 W. 3rd Ave.
Spokane, WA  99201
Telephone: 509.328.7171
Direct Line: 509.321.3939
Direct Fax: 866.652.8834
acarollo@stewart.com

Please remember to choose Stewart Title of Spokane on your next transaction!

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One response to “Today’s Real Estate News 4-29-2011

  1. lee tate

    April 29, 2011 at 11:11 am

    I think it is a terrible time to buy any real estate, particularly second homes and vacation property. I think the coming devaluation of our dollar in the foreign exchange due to quantitive easing coupled with the high inflation we are now in that I expect to last for several years, coupled with the high percentage of mortgages that are already upside down and expected to go higher, coupled with the high vacancy rates for commercial properties all over the country will all lead to significant devaluations of all real estate, even more than what has already occured since 2007. This is the time to sell real estate if you can, put your funds in any currency other than USD, and wait for the prices to drop another 25%. Then buy.
    Lee

     

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